Owning more than one rental home brings more leases, more maintenance and more paperwork. This article shares general organization habits that many owners with several homes find helpful. It does not cover investing or tax strategy, which are best discussed with a CPA or financial professional.
1. Keep records in one place
A single system for leases, maintenance requests, receipts and correspondence makes it easier to see what is happening at each home. Many owners use property management software; others use a simple, consistent folder and spreadsheet setup.
2. Use the same processes at every home
Applying the same lease forms, rent due dates and maintenance request steps across your homes can reduce confusion for you and your residents. Consistent processes are also easier to hand off if you get help later.
3. Plan maintenance ahead
A simple calendar for seasonal tasks, such as furnace service in the fall, sprinkler blowouts before the first hard freeze and gutter checks in the spring, can help keep small issues from being missed. In Bozeman, winter preparation is especially worth scheduling early.
4. Build a list of trusted vendors
Having licensed, insured contacts for plumbing, electrical, heating and snow removal ready before you need them can make urgent requests easier to handle.
5. Review each home’s records regularly
Looking over income and expense records for each home on a regular schedule helps you spot changes. For tax questions, such as which expenses may be deductible, it’s wise to talk with your CPA.
6. Know when to get help
As the number of homes grows, some owners choose to hire a property manager for some or all of the day-to-day work. Others keep managing themselves with better systems. Either can work, depending on your time and goals.
How a property manager can help
Depending on the owner’s needs, a property manager’s services can include marketing, applicant screening, rent collection, maintenance coordination and monthly owner statements across several homes.
Ironhorse Management has worked with Gallatin Valley owners since 1979. Learn more about our rental property management in Bozeman, or if you would like to talk through your rental, contact our team or call (406) 586-4933, Monday through Friday, 10am to 4pm.
Please note: This article is for general informational purposes only and is not legal, financial or tax advice. Every property and situation is unique. It’s wise to consult an attorney and/or CPA for legal or financial matters, and to review your lease, Montana law and other appropriate resources before making decisions, rather than relying only on this article.